The Morning Hammer: Let’s Talk About the Royal Institution of Chartered Surveyors
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We're looking at another potential snooze-fest with US stock futures showing fractional gains. Gold, oil, and US Treasuries are basically flat.
Alibaba (BABA) is up nicely on a solid earnings beat and acceleration in growth, while Shake Shack (SHAK) is getting smacked up on a revenue miss.
Europe is up at a 7-week high on solid earnings from European financials. The Stoxx Europe 600 Index is now inches away from erasing all its post-Brexit losses.
That's just another example of why you should always think twice about buying into stories of ultimate doom & gloom.
There are meteors flying around all across the universe, but very few will ever actually hit the Earth.
However, the Royal Institution of Chartered Surveyors said the Brexit is hurting the UK housing market, which is keeping a lid on the FTSE 100.
And yes, that's how boring today is — I'm talking about the Royal Institution of Chartered Surveyors.
So it's back to the waiting game.
We've gone 23 days without a 1% move in the S&P 500.
Typically, the S&P moves 1% on about 1 of every 3 days, so during normal times, we'd have seen 7 1% moves during this time span.
But what can you do?
This aint normal times.
It's August, sentiment is mostly positive, and the indices need to digest big post-Brexit gains.
I'm long VIX calls so I obviously have a vested interest in a big market shakeup, but I'd also like a reason to pay attention to the market!
Now, one reason we may get a big move soon is the street is short volatility in a big way.
The short VIX futures trade is huge right now, and as we know, when everyone leans the same way, Mr. Market likes to pull the rug out.
The only question is the only question that matters in financial markets: when?
I'm sitting tight… not that I have a choice.
Click here to check out Dave Green's webinar this Thursday!
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